« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Builders may get tax sops for housing poor... I-T dept to contest ITAT order in Maya gift case... » Govt mulls tax cut on rental income for aged January, 21st 2008 Budget 2008 may bring cheer to senior citizen who let out their property on rent. The government is considering a proposal to exempt tax on rental income for senior citizens. At present, every age group enjoys tax exemption of 30% on rental income. Sources said since senior citizens own only a minority of the houses that are offered on rent, it would not put too much pressure on the exchequer if the proposal is implemented and hence, stands a good chance of approval. The National Housing and Habitat Policy has also recommended an increase of the tax exemption limit for rental income. The policy was cleared by the Cabinet in November. The ministry of urban housing and poverty alleviation is of the view that the proposal if cleared in the budget would unlock several millions of houses for rental accommodation. The ministry has also mooted a proposal to increase the tax exemption limit from 30% to 50% in case for all rental earnings. According to government estimates, around 16 million houses in the country which are unoccupied can come into circulation. Last year, the government announced levy of service tax on commercial properties. If the proposal to increase the floor for tax concession on rental income goes through it can become a revenue neutral exercise for the Centre.